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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, October 11, 2002 - Vol. 4 No. 105
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In This Issue:
* COMMENT: Hang Tough Switzerland.
* OFFSHORE: US Congress Killing Anti-Offshore, Expat Bills. Swiss Close Down Firm. Swiss Tax Savings. Andorra Bank. Liechtenstein Reconsiders. Jersey KYC. EU Expands. Hong Kong Future. Bahamas No Haven? Bermuda IBCs Down. Puerto Rico Tax Break Revived?
* WEALTH: Major US Tax Changes. Harmonization Fraud. Why IRS Is losing. Imperial Washington. Israel Capital. Nigerian Scam. Insurance Laundry.
* PRIVACY & RIGHTS: War=Freedom? FBI Illegalities. Privacy v. Security.
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* COMMENT: Hang Tough Switzerland!
Dear A-Letter Reader:
The innate importance of Switzerland's role in the offshore world compels us to address twice in one week the attempted mugging of the Swiss by the European Union. The convergence of Swiss character, tradition and centuries of history have fashioned this relatively small (7.2m people) Alpine nation into the keeper of approximately one third of the entire accumulated private wealth on planet Earth. That being the case, the high tax socialists who run Europe's welfare states view the Swiss much as a street thug views a likely mark for robbery. Shedding the candied words of diplomacy, EU leaders are trying to force the Swiss into surrendering their banking secrecy. The EU fervently wants to pursue their nationals who have investments or cash stashed in Switzerland, a nation that respects financial privacy and doesn't view tax avoidance as a crime. Reducing taxes to encourage money to stay at home never occurs to these big spending EU tax hogs. Redistribution of wealth is the hallmark of their deficit domestic programs aimed at bribing voters to re-elect them. To no avail, the EU bully boys, led by that UK gas bag, Chancellor Gordon Brown, have done all they can to scare the Swiss into submission. Brown's main concern is not tax evasion, but protecting his Eurobond money buddies in the City of London, New Labour's fair weather allies. Well they huffed and they puffed in Luxembourg this week. The mountain of bluster threatening anti-Swiss sanctions brought forth the mouse of postponement. The EU finance ministers firmly resolved to: a) wait until December to decide; b) to postpone any sanctions until the year 2010. All that wasted anti-Swiss rhetoric! Don't these EU buffoons realize just how silly they look in their impotent public relations rage? The true issue is why any nation would surrender its sovereignty to the would-be EU dictators and bureaucrats in Brussels.
Hang in there Switzerland. Our money is on you -- quite a bit of it!
That's the way that it looks from here.
BOB BAUMAN, Editor
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* COMMENT LINKS:
* EU Meeting; Anti-Swiss Bluster, No Action. LINKS:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=1384246
http://www.reuters.com/news_article.jhtml?type=worldnews&StoryID=1550838
* EU Wants Swiss to Tell All. (Excellent factual summary). LINK:
http://www.nytimes.com/2002/10/09/business/worldbusiness/09SWIS.html
* EU official Bolkestein's intemperate attack on Switzerland. LINK:
http://www.freedomandprosperity.org/Articles/ft10-07-02/ft10-07-02.shtml
* Swiss accused of allowing European tax evasion. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory
&c=StoryFT&cid=1033848855183
* Switzerland Angered By Bolkestein's Comments. Tax-News.com
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9623
* Luxembourg, Germany Clash Over Swiss Bank Secrecy
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9625
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* OFFSHORE *
ANTI-OFFSHORE AMENDMENT KILLED IN U.S. CONGRESS
Bar against US contracts with offshore corps dead. LINK: (scroll down)
http://www.washingtonpost.com/wp-dyn/articles/A3750-2002Oct9.html
* The US House has killed anti-expatriate tax provisions; the issue
now is pending in US Senate. (Military tax cut bill, HR 5557).
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SWISS CLOSE DOWN FINANCE FIRM
ZURICH: Money laundering probe closes Russian-linked Sovereign
Finance Group; absolutely no connection to the Sovereign Society.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9642
* Swiss see new trade opportunities in EU expansion. LINK:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=1386810
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HOW YOU CAN SAVE TAXES IN SWITZERLAND
Tax advantaged residence can be yours. Henley & Partners explains.
(Free Regis) LINK: http://www.mondaq.com/article.asp?articleid=17964
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ANDORRAN BANK GETS HIGH MARKS
Stable, secret, no taxes, Credit Andorra gets top ratings. LINK:
http://www.forbes.com/markets/newswire/2002/10/10/rtr747275.html
* Oldest Russian bank (founded 1841) plans private banking services.
LINK: http://www.upi.com/view.cfm?StoryID=20021004-045517-7693r
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LIECHTENSTEIN-U.S. MLAT DELAYED
VADUZ: Treaty consideration put off; critics see harm to principality.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9629
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JERSEY IMPOSES TOUGH 'KYC' RULES
"Know your customer" imposed on the Channel Island.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9632
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EUROPEAN UNION EXTENDS GRASP
10 new nations slated to join existing 15 as Brussels expands. LINK:
http://europe.cnn.com/2002/WORLD/europe/10/09/europe.enlargement/index.html
* EU plans major anti-fraud crusade.
LINK: http://news.bbc.co.uk/1/hi/uk/2311043.stm
* EU police raid businesses, grab files, documents. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&
c=StoryFT&cid=1033848869202
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THE FUTURE OF HONG KONG
Anson Chan, conscience of HK, speaks to Heritage Foundation.
LINK: http://www.heritage.org/Research/AsiaandthePacific/hl766.cfm
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BAHAMAS OFFICIAL SAYS NOT AN 'OFFSHORE HAVEN' NASSAU: Minister again pledges review of onerous anti-offshore laws enacted last year; but when will the new government act?
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9647
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BIG DROP IN BERMUDA I.B.C. REGISTRATIONS HAMILTON: Lowest level for international business companies in 6 years. LINK: http://biz.yahoo.com/rc/021009/bermuda_offshore_1.html
* Tyco considers reversing its Bermuda offshore re-incorporation.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9630
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PUERTO RICAN OFFSHORE TAX BREAK MAY BE REVIVED
Democrat leader may sneak through corporate tax subsidies. LINK:
http://www.nationalreview.com/comment/comment-ferrara100402.asp
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* WEALTH *
U.S. TREASURY COMMENTS ON OFFSHORE TAX CHANGES
Tax treatment of offshore corporate income to change drastically.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=9636
http://usinfo.state.gov/cgi-bin/washfile/display.pl?p=/products/washfile/latest&f
=02100803.clt&t=/products/washfile/newsitem.shtml
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ENDING PHONY TAX 'HARMONIZATION' THREAT
Dan Mitchell of the Heritage Foundation exposes the fraudulent high tax nations demand for tax harmony. LINK (pdf download:
http://www.heritage.org/about/community/insider/2002/sept02/tax_harmonization.pdf
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WHY THE I.R.S. IS LOSING
Unfair taxation, socialist policies, unwilling citizens. LINK:
http://www.rationalreview.com/archive/rleewrights/rleewrights100102.html
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IMPERIAL WASHINGTON THREATENS YOUR INVESTMENTS
Sovereign Society Council of Experts member, RON HOLLAND, laid it on the line in a Vienna speech last week.
LINK: http://www.ronholland.com/Viennaspeech.htm
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ISRAEL IS VENTURE CAPITAL LEADER
JERUSALEM: Israel leads world in venture capital per GDP. LINK:
http://www.jpost.com/servlet/Satellite?pagename=JPost/A/JPArticle/ShowFull&
cid=1034014723111
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NIGERIAN SCAM NOW USES FAKE WEB SITES
Phony money con goes high tech on the Internet. LINKS:
http://news.bbc.co.uk/1/hi/technology/2308887.stm
http://www.hideaway.net/home/public_html/article.php?story=20021008104629747
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MONEY LAUNDERING WITH LIFE INSURANCE
LONDON: Crooks now use life insurance to clean dirty cash. LINK:
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Securities%20Firms%20News&b1=
ad_bottom1&br=blk&tp=ad_topright&T=wealthstory.ht&s=APaUfVxUIS1BNRydz
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* PRIVACY & RIGHTS *
DOES WAR REALLY PROTECT FREEDOM?
James Bovard asks some hard questions about a possible Iraq war. LINK:
http://www.usatoday.com/news/opinion/editorials/2002-10-08-oplede_x.htm
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F.B.I. USES ILLEGAL WIRETAPS, UNAUTHORIZED SNOOPING
WASHINGTON: Memo details illegal taps, e-mail intercepts.
LINKS: http://www.foxnews.com/story/0,2933,65273,00.html
* Preserving Our Liberties While Fighting Terrorism, Cato Institute.
LINK: http://www.cato.org/pubs/pas/pa-443es.html
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SECURITY DEMANDS KILLING PRIVACY
Technology + police destroys personal and financial privacy.
LINK: http://www.foxnews.com/story/0,2933,65148,00.html
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